WB: Azerbaijan to see about 3% GDP growth in 2023

Azerbaijan's GDP growth is projected at 2.8 per cent in 2023, which is by 0.6 per cent more than it was previously expected.

World Bank (WB) analysts think that Azerbaijan's gross domestic product will grow by 2.6 per cent in 2024, which is by 0.3 per cent more than in the previous report, Report informs citing World Bank's new report on Global Economic Prospects.

Meanwhile, the growth of Azerbaijan's GDP for 2022 is estimated by the WB at 4.2 per cent. Azerbaijan's economy grew by 5.6 per cent in 2021.

“In general, growth in the South Caucasus is projected to be 3.3 per cent in 2023. The projected slowdown reflects weakening momentum after a strong recovery in 2021-2022, the impact of weakening eurozone growth, continued tension on the Armenia-Azerbaijan border, and a decrease in production volume in Russia, one of the South Caucasus' closest economic partners.